Israeli Economy Standing Strong as it Develops Energy Sector

The Jerusalem Post reports: Israel’s natural gas discoveries could be key in transforming diplomatic relations in the region while boosting its growing economy, a number of experts said on Monday at the Jerusalem Post Annual Conference in New York.

At the conference’s panel on the Israeli economy, International economic law scholar and practitioner Efraim Chalamish said Israel’s energy sector has the potential to really advance the “start-up nation” since it allows for large companies to be part of the economy, employing large workforces made up of people diverse backgrounds and skill levels.

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Chalamish said that “most importantly,” he thinks energy is a critical part of the nation’s geostrategy. “It’s not only about making money and creating jobs,” he said. “It’s about improving the geostrategic status of the State of Israel.”

“In the past couple of years, Israel was very smart to leverage the natural gas discoveries for military, for diplomatic purposes,” he said, speaking of the several memorandums of understanding to supply gas to some of Israel’s neighboring countries.